GEMS® Economic Scenario Generator Will Help Qatar Re Model Solvency Capital and Business Planning Requirements
LONDON, UK - May 19, 2015 - Conning, a leading global provider of investment advisory and risk and capital management software solutions for the global insurance industry, announced today that Qatar Reinsurance Company LLC (Qatar Re), the reinsurance arm of Qatar Insurance Company (QIC), the largest insurance conglomerate in the Middle East region, has signed a multi-year license for Conning's GEMS® Economic Scenario Generator (ESG) software.
After a competitive evaluation, Qatar Re selected GEMS® software to enhance the company's capital and risk modeling. GEMS® ESG will be used as the stochastic driver of market and credit risk for the calculation of regulatory capital and for business planning purposes.
Conning's GEMS® software is a state-of-the-art economic scenario generator that simulates future states of the global economy and financial markets using leading-edge economic models, providing full market risk and asset class coverage. Its financial models ensure that simulations provide realistic representation of extreme events such as those that occurred in the 2008 financial crisis. GEMS® ESG is used by insurers for applications such as Solvency II, economic capital modeling, market consistent embedded value calculations, stochastic liability and capital valuation, asset portfolio optimisation and derivative and hedging strategies.
"We chose Conning because we were looking for a partner to provide economic and investment modelling expertise in support of our actuarial and risk functions," commented Mark Cockroft, Chief Actuary at Qatar Re. "The GEMS® software provides us with advanced models that have the flexibility to be recalibrated with the built-in tools for an efficient stress and scenario testing process."
"Qatar Re is a new company that has quickly established itself as a leader in reinsurance markets and risk management. Conning is delighted to have been chosen to support Qatar Re's ambitions to lead industry best practice with the implementation of GEMS® advanced risk models," said Hamish Bailey, Head of European Business Development for Conning's Risk & Capital Management Solutions business. "When evaluating competing solutions Qatar Re looked for models that were well-documented, easy to use, transparent and yet sophisticated enough to capture the key market and credit risks that are relevant to their business. The level of service they receive from Conning's team was also a key consideration for Qatar Re in selecting a partner. The Conning solution met all of these requirements and we look forward to a strong and growing relationship with Qatar Re."
About Conning
Founded in 1912, Conning is headquartered in Hartford and has a global presence, with additional offices in New York, London, Cologne and Hong Kong. Our unique combination of asset management, risk and capital management solutions, and insurance research allows us to implement customized business and investment strategies that help our clients achieve their financial goals. Conning's risk management software platform includes the award-winning GEMS® Economic Scenario Generator, FIRM® Portfolio Analyzer and ADVISE® Enterprise Risk Modeler. Our software offers sophisticated risk modeling capabilities that provide insights for decision making, regulatory and rating agency compliance, strategic asset allocation and capital management.
About Qatar Re
Established in 2009, Qatar Reinsurance Company LLC (Qatar Re) is the reinsurance arm of Qatar Insurance Company (QIC), the largest composite insurer in the Middle East region. QIC is the ultimate parent company of Qatar Re and is headquartered in Doha, Qatar. Qatar Re is also headquartered in Doha, with branch offices in Zurich and Bermuda as well as a representative office in London and Singapore. The Company is authorized and regulated by the Qatar Financial Centre Regulatory Authority (QFCRA). Qatar Re is backed by a full parental guarantee by QIC, which was capitalized at USD 1.6 billion with a market capitalization of USD 4.0 billion as of December 31, 2014. Qatar Re is rated "A/Stable" by Standard and Poor's and A (Excellent) by A. M. Best and benefits from QIC's strong and growing capital base. Qatar Re writes all major property, casualty and specialty lines of business. For further information on Qatar Re please visit www.qatarreinsurance.com.
GEMS®, FIRM® and ADVISE® are registered trademarks of Conning, Inc.
Copyright© 1999 - 2015 Conning, Inc. All Rights Reserved. The products referred to in this press release are proprietary software published and owned by Conning, Inc.
Media Contacts:
Teri James
Conning
+1 860-299-2335 (direct dial)
teri.james@conning.com
Meglena Petkova
Lansons
www.lansons.com
+44(0)20 7294 3619 (direct dial)
meglenap@lansons.com
© Press Release 2015
